The body of the archive is divided into three sections Bitcoin, Bitcoin Lightning and Bitcoin Ordinales.
This is a photo of the first paragraph explaining what Bitcoin is, according to Satoshi Nakamoto
In the beginnning Bitcoin was a collaborative effort and the person credited with it's creation is Satoshi Nakamoto. This person or persons authored the so called Bitcoin White Paper, which is an essay explaining Bitcoin from A to Z. It is technical at times, and is explained further by the famous Satoshi E-mails, which are communications sent by Satoshi to the others working on the project, and the last email is the Good Bye Email from this mysterious person or persons, and they have not only not been heard from again, but their wallet used to mine Bitcoin hasn't moved a Bitcoin since then.
Link to White Paper and Photo Source
Bitcoin (BTC) is a cryptocurrency (a virtual currency) designed to act as money and a form of payment outside the control of any one person, group, or entity. This removes the need for trusted third-party involvement (e.g., a mint or bank) in financial transactions. This means Bitcoin isn't controlled by any country or group of countries. It is rewarded to blockchain miners who verify transactions and Bitcoin can be purchased on several exchanges.
Bitcoin was introduced to the public in 2009 by an anonymous developer or group of developers using the name Satoshi Nakamoto. It has since become the most well-known and largest cryptocurrency in the world. Its popularity has inspired the development of many other cryptocurrencies.
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Here is a brief history of Bitcoin by Investopedia.
In August 2008, the domain name Bitcoin.org was registered. It was created by Satoshi Nakamoto and Martti Malmi, who worked with the anonymous Nakamoto to develop Bitcoin.
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In October 2008, Nakamoto announced to the cryptography mailing list at metzdowd.com: "I've been working on a new electronic cash system that's fully peer-to-peer, with no trusted third party." The now-famous white paper published on Bitcoin.org, entitled "Bitcoin: A Peer-to-Peer Electronic Cash System," would become the Magna Carta for how Bitcoin operates today.
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The next article is a good explanation of how Bitcoin works compared to the traditional financial system.
The next topic is the use of Bitcoin in a remote community to create a new economy where all the value generated by the community, stays in the community, and the community propser.
The next article is a really nice explaination of the money transfer system and comparing it to Bitcoin.
The next few articles are topical discussions of different interesting things about Bitcoin.
The next few articles are topical discussions of different interesting things about Bitcoin.
This article's strength is that it explains the Lightening Network in terms the Hive Community members can understand by comparing it to a situation on Hive, which we already understand. It helps us better understand Lightening Network as an unknown entity by comparing it to something we know on Hive-Engine.
If you. are familiar with the Hive Blockchain, and it's side chain called Hive-Engine, which is a sidechain of Hive, so it is connected to the Hive blockchain, but it allows functionality not possible on the Hive Blockchain.
Bitcoin Lightening or more precisely it's actual name Lightening Network is very similar to Hive-Engine in that it is a side chain of the Bitcoin blockchain, which has functionality that Bitcoin doesn't have.
The main functionalities that Lightening brings to the Bitcoin ecosystem is (1) higher speed (faster) and (2) lower transaction costs (cheaper).
Lightening Network is ... faster then the fastest transaction processing network in the world run by Visa Credit Card Services, a multi-billion dollar global corporation.
The Visa Credit Card Network is reported to have a top speed of one million transactions per second or 1 million TPS
The Lightening Network or Bitcoin Lightening as it is commonly known reportedly has a speed of one million transactions per second, but has the potential to run at speeds of 47 million transactions per second.
Both of these Networks are faster then the Bitcoin blockchain, whose fastest speed is 7 transactions per second.
In defense of Bitcoin, I should mention that when Bitcoin was invented, it was compared to human transaction speed, as there were no cryptocurrency blockchains to compare it to. And the fastest human transaction speed was one transaction per 15 minutes. So Bitcoins speed of 420 per minute or over 6000 transactions in 15 minutes was considered very, very fast.
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@shortsegments/bitcoin-lightening-a-brief-explainer
This is a nice description of the Lghtening Network by a Traditional Finance Education Site. It gives us a different perspective and different vocabulary then cryptocurrency afficionados would use.
This explanation will be more useful to people outside the cryptocurrency community to help them understand the importance of the Lightening Network.
The Lightning Network is a second layer added to Bitcoin's network, enabling transactions between parties off the main blockchain—called off-chain transactions. Lightning Network has often been advertised as a game-changer in the cryptocurrency's evolution. It is designed to speed up transaction processing times and decrease the associated costs of Bitcoin's blockchain. The lightning network was conceived by two developers, Thaddeus Dryja and Joseph Poon in 2015.
The Lightning Network is a secondary layer on the Bitcoin blockchain which allows users to create payment channels where transactions can occur away from the main blockchain, but still benefit from the blockchain’s security and decentralization. These are known as off-chain transactions. The second layer offers speed, cost savings and scalability for the entire Bitcoin network.
Source: https://bitpay.com/blog/what-is-the-lightning-network/
Lightning Network is a project that emerged to add intelligent contracts at Bitcoin Blockchain, of course, if it has its own software and is totally independent of Bitcoin, with its own nodes and network, even This can operate in other Blockchain. It began being developed by Joseph Poon and Thaddeus Dryja (although the project is currently taken Blockstream, Lightning Labs and ACIN). Lightning Network is described in its Whitepaper as a solution to the growing bitcoin scalability problem, network that can only process blocks every 10 minutes and that it impossible would improve it from that due to the structure in which it works, say how bitcoin is made , then this project seeks to implement a type of P2P payment channels that will work in isolation to the network. It is expected that millions of transactions per second are expected to be allowed, with the assurance that they will be signed by a special hash through an intelligent contract, which will give security to the parties that are involved in any transaction that occurs in the network.
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This is a slightly technical explanation of lightening, Enjoy.
The Lightning Network is an off-chain solution for the Bitcoin blockchain. It is a "second layer solution." With such technologies, actions for a blockchain can be outsourced and handled in an external system. For scaling blockchains, such technologies are one of the best known and best solutions. While the Bitcoin blockchain can handle about 7 transactions per second, it is possible to handle up to 1,000,000 transactions per second within a channel with the Lightning Network. We explain what a channel is in this post. The transactions are transferable in almost real-time and cost almost nothing, in some cases even nothing at all.
The next two articles focus on running a Lightning Node so you can send payments.
